1. Field
The present disclosure generally relates to the field of financial transactions, and more particularly, to systems and methods for determining risk of check transactions based on a pattern of changes in the MICR.
2. Description of the Related Art
Many check transactions are performed through an electronic medium such as Internet. Some merchants set up or associate with a web-site configured to allow transactions involving checking accounts. For example, goods and/or services can be purchased online, and payment can involve submission of information identifying the bank and the name and number of the checking account.
Many merchants that offer such payment option also subscribe to a check processing service. Such a service typically receives information about a given check transaction, and determines whether the given transaction should be authorized or declined.
Because merchants and customers typically want the service to process check transactions quickly, and/or because of the remoteness of the involved parties, electronic check transactions are susceptible to fraud that may be difficult to detect in a timely manner by the merchant and/or the service.